The stats don’t make for pretty reading. One in two businesses don’t make their fifth birthday. Others drag themselves in hope and a prayer through that celebration date only to fizzle out soon afterwards. Only a third reach the ten-year milestone1. While there are many reasons for this, one stands out above them all: a failure to adequately market the primary products or services of the business.

Yes, some businesses make it on the back of a golden-ticket product or thanks to a large existing network of friends and acquaintances, or through the sheer charisma of its owner. Most aren’t so fortunate, however. The future of most businesses is directly tied to their ability to promote themselves. It really is a case of stink … or promote.

In my experience, upwards of seven in ten people prioritise their social media platforms over their website. Why? Mainly because Facebook et al. are so engaging (read: addictive).

Don’t get me wrong, social media is a phenomenal resource, and it ought to be an essential part of your online marketing approach.

However, the business purpose behind social media is to connect with new prospects, engage with interested parties, convey pertinent business information and channel a growing audience back to your website. That last point is the big issue. Why?

A business’s bottom-line success is determined by three things: procuring new business, encouraging repeat business and securing referral business. Yes, a quality product and outstanding service are essential. But many businesses with top-notch products and first-class service close their doors because they fudge their NRR approach; that is, they fail to get new business, repeat business and referral business

And here’s the kicker. A new client who enjoys a highly satisfied experience is more likely to return for a second helping and to actively broadcast their giddy elation to others. Simple, I know. Who would have thought, happy clients = more clients. Yet don’t miss the point: the lifeblood of any business lies in its new clients. In fact, the formula is more accurately stated as such: new happy clients = more clients.

So, how do we procure new business? There are only so many ways to skin a cat.